My vehicle was broken into last year.I filed a police report and incurred unreimbursed repair costs of $4000. Is the amount I paid deductible in my tax return?
You have a casualty loss that may or may not be deductible on Schedule A of Form 1040. The amount of casualty loss deductible is determined by first subtracting $100 from the loss and then subtracting 10% of Your AGI. Any loss left after those computations may be deducted if you itemize deductions. You will need to complete IRS Form 4684.
You have a casualty loss that may or may not be deductible on Schedule A of Form 1040. The amount of casualty loss deductible is determined by first subtracting $500 from the loss and then subtracting 10% of Your AGI. (Prior to 2209, you would only subtract $100 from each loss.) Any loss left after those computations may be deducted if you itemize deductions. You will need to complete IRS Form 4684.
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